Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,455/mo
Lowest payment- Down payment
- $59,255
- Funds due
- $73,844
- Interest + MI left
- $540,931
- First ends
- Sep 2054
Assumption
Assumption + second
$3,791/mo
+$336/mo- Down payment
- $26,255
- Funds due
- $42,190
- Interest + MI left
- $628,988
- First ends
- Sep 2054
New loan
New conventional
$3,910/mo
+$455/mo- Down payment
- $26,255
- Funds due
- $37,595
- Interest + MI left
- $731,941
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $465,745 | $465,745 | $498,745 |
| Second mortgage | — | $33,000 | — |
| First P&I | $3,023.05 | $3,023.05 | $3,378.67 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | — | — | $99.75 |
| Taxes, insurance & HOA | $431.67 | $431.67 | $431.67 |
| Total housing payment | $3,454.72 | $3,790.99 | $3,910.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,255
Closing costs & prepaids$15,935
Usable credit−$0
Total buyer cash needed$42,190
Earnest money paid−$0
Remaining funds due$42,190
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,328.72
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$630.00
Initial HOA (3 months)$165.00
Prepaid interest, first (9 days)$746.47
Prepaid interest, second (9 days)$96.63
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing27 yr 9 moOf the original 30-year loan at 6.5%
Interest already paid$69,088Through Dec 2026
Assumption only · ends Sep 2054$540,931
Assumption + second · ends Sep 2054, second Jan 2057$628,988
New conventional · ends Jan 2057$731,941